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Analysis and Perspectives on Valuation, Transaction Advisory, and Financial Topics

  • Articles, Financial Advisory, Investment Banking

Getting the Second Bite: How PE Partnerships Can Outperform a Full Sale 

The Offer on the Table An unsolicited call comes in from a private equity-backed platform, or a strategic buyer in the industry, and the number

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  • Articles, Fairness Opinions, Valuation

Continuation Vehicles Have Diversified. Fairness Opinions Have Not Kept Pace. 

For the first time in four years, fund managers moved more secondary volume than the investors seeking to exit them. Secondary transactions in private markets

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  • Articles, Cryptoassets, Valuation, Whitepapers

FASB Finalizes New Rule on Contractual Sale Restrictions: Final Implications for Locked Token Valuations 

An Update to Houlihan Capital’s July 2026 Review of ASU 2022-03  September 20, 2026  On September 9, 2026, the Financial Accounting Standards Board issued ASU

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  • Articles, News, SPACs, Whitepapers

SPAC Fairness Opinions in 2026: What Changed and Why It Matters

The SPAC market in 2026 and the renewed case for independent fairness opinions The blank check structure has returned to the public markets on very

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  • 101 Guides, Articles, News, Valuation

The Carrying Value Question: An Introduction to Intangible Asset Impairment Testing

When the Balance Sheet Becomes the Story A portfolio company loses its largest customer. Revenue falls sharply in the back half of the year, and

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  • Articles, Cryptoassets, News, Valuation, Whitepapers

FASB Reconsiders Contractual Sale Restrictions (ASU 2022-03): What the Proposal Means for Locked Token Valuations

The July 2026 proposal reinforces a market-participant approach that Houlihan Capital has applied to cryptoasset portfolios for years Executive Takeaway In 2022, the FASB issued

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Profile of a woman at a computer in a blue-toned Houlihan Capital banner with the headline 'Enhancing Valuation Confidence'.
  • 101 Guides, Articles, News, Valuation, Whitepapers

Enhancing Valuation Confidence: The Role of Positive Assurance in Portfolio Valuation

When the Mark Gets Questioned The moment arrives in different forms. An auditor returns to a fair value conclusion with a request for additional support

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  • 101 Guides, Articles, News, Valuation

Personal Goodwill in Business Transactions: Not Just a Valuation Question — A Planning Imperative

Consider a professional services firm where three client relationships — each cultivated personally by the founder over fifteen years — account for 65% of annual

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Houlihan Capital logo with Value. Added. and the title Fairness Opinions in De-SPAC Transactions on a geometric, warm-toned background.
  • Articles, Fairness Opinions, News, Whitepapers

Fairness Opinions in de-SPAC Transactions

The Role of a Fairness Opinion in a de-SPAC Transaction When a SPAC enters into a business combination agreement, its board is evaluating a transaction

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